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Explain how managerial economics is useful for decision making
Theories associated with different market structures A firms profit maximising output decisions take into account the market structure under that they operate. There are 4 type
The Mixed Economy There are no economies in the world which are entirely 'market' or planned, all will contain elements of both systems. The degree of mix in any one econom
TYPES OF UNEMPLOYMENT A person can be either in the labour force or not in the labour force of an economy. The person not included in the labour force includ
Q. Show the method of production? A process or method of production is a combination of inputs essential for the production of output. A method of production is technically eff
distinguish between industry demand and firm company demand
what is segmentation
Q. Cheapening of Materials and Equipments? Expansion of an industry increases the demand for different kinds of materials and capital equipments. This will result in large scal
Limitations of Uneven Distribution of Income and Wealth Unlike the historical experience of the now developed countries, the rich in contemporary Third World Countries are not
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
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